UBS CEO: 'A Terrible Mistake'

Sergio Ermotti

UBS has no plans to sell its U.S.-based wealth management arm, the former Paine Webber brokerage, Chief Executive Sergio Ermotti said on Wednesday.

'It has always been my view that it would be a terrible strategic mistake for UBS not to have a significant presence in what is arguably the most important financial centre and wealth management market globally', Ermotti told a gathering of business people.

Reuters reports that there has periodically been speculation that UBS might sell the U.S. wealth management business as its broker-based model is different from UBS's larger private bank.

In the meantime, Bloomberg reports that Canadian Imperial Bank of Commerce has hired former UBS executive Grant Rasmussen to help oversee the lender’s retail bank branch network in Ontario.

Rasmussen joined March 5 in the new position of region head, Ontario for CIBC retail distribution, Kevin Dove, a spokesman for the Toronto-based firm, said.

UBS CEO says no plans to sell U.S. wealth management arm

CIBC Hires Ex-UBS Executive Rasmussen for Ontario Branch

image: © UBS

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